How Does a Security Deposit Alternative Work?
A Security Deposit Alternative is an option that adds a monthly charge of 6% to your rent in place of a traditional security deposit. This saves you from having to provide a huge sum of cash upfront in order to secure a property.
Please note, unlike a traditional security deposit, these charges are non-refundable. There is also a one-time enrollment fee that will be charged at the beginning of your lease. In addition, you will be billed for any damages to the property that occurred during the term of your lease.
One-time, nonrefundable fee of 25% of Monthly Rent
At Move In
When you are approved and ready to move into a new rental property, you'll be charged a small enrollment fee. This charge is 25% of the monthly rent and is nonrefundable.
For example, if your monthly rent is $1000 you will be required to pay a one-time fee of $250.
6% nonrefundable monthly charge
Each month, you will pay a 6% charge on top of the monthly rent. This is a nonrefundable charge.
If your monthly rent is $1000, your Security Deposit Alternative charge is $60 a month.
At Move Out
When you move out you will be charged for any damage to the property that occurred during your residency. These charges are not covered by the enrollment fee or the monthly 6% charge.